Gambling for market recovery? European insurers' corporate bond investments during market stress

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<title>Gambling for market recovery? European insurers' corporate bond investments during market stress</title>
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<abstract displayLabel="Summary">The study examines how European insurers adjusted the credit risk of their corporate bond portfolios during the COVID-19 market crash. Using daily market data, it shows that insurers initially shifted toward safer assets, such as AAA government bonds and A-rated corporates. As the crisis progressed, however, they began to invest counter-cyclically in high-yield bonds even before markets recovered a pattern not observed among U.S. insurers. The findings suggest that this behavior may support systemic stability by providing market liquidity, although it also increases solvency risk if the downturn persists</abstract>
<note type="statement of responsibility">Marcel Beyer</note>
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<topic>Mercado de seguros</topic>
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<title>The Journal of risk and insurance</title>
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<identifier type="issn">0022-4367</identifier>
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<text>17/11/2025 Volumen 92 Número 4 - noviembre 2025 , p. 857 - 908</text>
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